Millionaire Migration: Here’s How Many Rich Americans Are Leaving the US

06/05/2024

Wealthy couple leaving limousine.

Historically, the U.S. has been known as the land of opportunities, with residents of other countries immigrating to pursue better careers or business ownership. That remains the case today, with the U.S. home to 5.5 million millionaires (37% of the world’s population of millionaires). The U.S. also holds 32% of the world’s liquid investable wealth, roughly $67 trillion in assets.

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Yet, a recent study from Henley & Partners revealed that many American millionaires are hedging their bets and pursuing dual citizenships. The 2024 USA Wealth Report by Henley & Partners and New World Wealth revealed that inquiries regarding residency requirements for citizenship and citizenship-by-investment programs grew by 500% in the past five years.

Henley & Partners reported that the top destination countries included Portugal, Malta, Spain, Greece and Italy. These countries boast a rich culture, warm climate, and friendly beaches, making them a perfect getaway spot. They also have little to no residency requirements. That makes these countries the ideal back-up plan for millionaires and billionaires who want an easy option to leave the U.S., but may not be ready to migrate yet.

A recent article in Fortune cited some of the reasons wealthy Americans are looking to leave now or in the near future. These include:

The political climate;
High taxes;
International business opportunities;
A better and safer future for their children.

“With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook,” Mehdi Kadiri, head of North America at Henley & Partners said in a press release.

Billionaires setting up second residencies include tech investor Peter Thiel, who became a New Zealand citizen, and former Google CEO Eric Schmidt, who seeks to make a second home in Cyprus, Greece, according to CNBC.com.

Alternative passports showing citizenship in other countries also makes international travel easier. “For American, British, and Israeli citizens suddenly unsure of their welcome abroad, supplementary passports provide vital flexibility,” the Henley report stated.

Meanwhile, the study also showed that the U.S. remains desirable for millionaires across the world, with a net inflow of 2,200 millionaires in 2023 and projected inflow of 3,500 this year, according to the report.

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Within the U.S., wealthy entrepreneurs are moving to states with more favorable tax laws, expanded business opportunities and, in some cases, more favorable weather. The report shows millionaires leaving cities like Los Angeles, New York, and Chicago in favor of burgeoning hubs like Austin, Miami and Scottsdale, Arizona.

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